More than 40% of Citigroup’s clients lack a “substantive plan” for cutting their emissions to align with net-zero ambitions or are unlikely to transition at all, the bank’s latest climate report showed. The report, published earlier this week, is based on initial results from its net zero review template, which monitors its clients’ readiness to adapt to the energy transition.
This only works, however, if their clients follow through with their own emissions reduction programs. Citigroup’s CEO Jane Fraser said that the bank is “working side-by-side with clients to help them achieve their goals, whilst remaining highly mindful of near-term energy needs and related economic impacts.” Fraser has suggested that talking about “energy evolution” rather than “energy transition” would be more appropriate.